Leeds BS ISA Maturing

kitkat68

Hello - I've tried searching the forum but can't see the scenario detailed that I have...

My Leeds BS ISA (12m fixed) is maturing on 2/4/24. this is at 3.75% It will have around £83k in it when the interest is paid.

Leeds don't have anything competitive so I think I want to do the following with these funds...

split the £83k into 2 lumps and transfer some to an Oaknorth 12m fixed at 5.07% (already have £20k with them which 23/24 ISA allowance), thinking around £45k to be put here so Oaknorth has £65k in total.

The other £38k to be transferred to a Castle Trust 12m fixed ISA at 5.05% and my 24/25 annual allowance also added to this so this account would have £58k.

I don't want more than £85k held in one institution - I'm risk averse...

This would give me two accounts with plenty of room for interest, but maybe I should max out the OakNorth account and move £55k to Oaknorth which along with the £20k already there would max them out next year...

Finally - do I have to wait to open these accounts and request the transfer until Leeds have paid the interest and moved the funds into their easy access ISA?

badger09

kitkat68 said:

Hello - I've tried searching the forum but can't see the scenario detailed that I have...

My Leeds BS ISA (12m fixed) is maturing on 2/4/24. this is at 3.75% It will have around £83k in it when the interest is paid.

Leeds don't have anything competitive so I think I want to do the following with these funds...

split the £83k into 2 lumps and transfer some to an Oaknorth 12m fixed at 5.07% (already have £20k with them which 23/24 ISA allowance), thinking around £45k to be put here so Oaknorth has £65k in total.

The other £38k to be transferred to a Castle Trust 12m fixed ISA at 5.05% and my 24/25 annual allowance also added to this so this account would have £58k.

I don't want more than £85k held in one institution - I'm risk averse...

This would give me two accounts with plenty of room for interest, but maybe I should max out the OakNorth account and move £55k to Oaknorth which along with the £20k already there would max them out next year...

Finally - do I have to wait to open these accounts and request the transfer until Leeds have paid the interest and moved the funds into their easy access ISA?

Yes you can split your soon to mature Leeds ISA as you wish, & transfer to 2 or more providers as long as they both accept transfers in. You must of course use the new providers’ xfer processes. 

You don’t have to wait until existing ISA becomes easy access ISA as there will be a box on the receiving provider’s xfer form where you can tell them to xfer after maturity. 

I would however advise doing them one at a time. In other words, wait for 1st xfer to complete before starting the 2nd.